MeritValue

Alpha Investment Inc.

GGBYdata completeness 63%10 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Alpha Investment Inc. earns about -204% on equity, and has bought back 73% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2019FY 2020FY 2021FY 2022FY 2023
Revenue$90,1151$16,6882$33,8303——
Net income−$1.7M4−$1.07M5−$2.06M6−$3.1M7−$512,9787
Operating cash flow−$2.04M8−$547,1829−$399,52210−$109,23811−$32,52611
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$2.6M12$11,62413$58814$013$1414
Diluted shares40.3M40.3M13.4M9.7M10.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$4.56
your share of equity
Profit it earned you last year
−$0.48
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$4.56 of net worth that earned you −$0.48 last year.

iii. Is this a good business?
Moat signal · return on equity
-204% avg · 5y
FY19 -153%FY20 -255%FY21 —FY22 —FY23 —

It earned an average -204% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−73% shares · 5y

Share count is down 73% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2019-12-31 · accession 0001515971-21-000099 (Revenues)
  2. 10-K · period ending 2020-12-31 · accession 0001515971-22-000147 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001515971-23-000091 (Revenues)
  4. 10-K · period ending 2019-12-31 · accession 0001515971-21-000099 (NetIncomeLoss)
  5. 10-K · period ending 2020-12-31 · accession 0001515971-22-000147 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001515971-23-000091 (NetIncomeLoss)
  7. 10-K/A · period ending 2022-12-31 · accession 0001515971-24-000041 (NetIncomeLoss)
  8. 10-K · period ending 2019-12-31 · accession 0001515971-21-000099 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2020-12-31 · accession 0001515971-22-000147 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001515971-23-000091 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2022-12-31 · accession 0001515971-24-000041 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2019-12-31 · accession 0001515971-22-000147 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 10-K · period ending 2020-12-31 · accession 0001515971-23-000091 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K/A · period ending 2021-12-31 · accession 0001515971-24-000041 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)